“Mumbai Couldn’t Grow Like Singapore Because…”: Nilesh Shah On Growth Reality

At Aaj Tak Manthan, Nilesh Shah, Founder, MD & CEO of Envision Capital Services Pvt Ltd, reflected on how global perceptions of Mumbai and India have evolved over time. He noted that while countries like Indonesia and Singapore once aspired to emulate Mumbai, today they have surged ahead in per capita growth due to scale and governance advantages. Shah explained that Mumbai’s growth is constrained by carrying the economic weight of Maharashtra and India, unlike smaller city-states. Highlighting Mumbai’s true strength, he pointed to its unmatched civic spirit and resilience during crises, arguing that development must be measured not just by infrastructure, but by social responsibility and collective character.